ANNUAL REPORT 2019
REACHING NEW HEIGHTS
Austria
Germany Russia
UK
Turkey
Egypt China
KSA UAE
Bahrain
IndiaIndia
Singapore
IndonesiaIndonesia A REMARKABLE YEAR FOR GROWTH
VISION
H.H. Sheikh Khalifa Bin Zayed Al Nahyan H.H. Sheikh Mohammed Bin Rashid Al Maktoum “TO BE GLOBALLY RECOGNISED President of the United Arab Emirates Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai AS THE MOST VALUED FINANCIAL SERVICES PROVIDER BASED IN THE MIDDLE EAST”
H.H. Sheikh Hamdan Bin Mohammed H.H. Sheikh Hamdan H.H. Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum Bin Rashid Al Maktoum Bin Rashid Al Maktoum Crown Prince of Dubai Deputy Ruler of Dubai Deputy Ruler of Dubai Minister of Finance ANNUAL REPORT 2019
EMIRATES NBD BOARD OF DIRECTORS
H.H. Sheikh Ahmed Bin Saeed Al Maktoum Chairman
Hesham Abdulla Al Qassim Buti Obaid Buti Al Mulla Mohamed Hadi Ahmed Al Hussaini Vice Chairman and Director Director Managing Director
Hussain Hassan Mirza Al Sayegh Shoaib Mir Hashem Khoory Mohamed Hamad Obaid Al Shehi Director Director Director
Ali Humaid Ali Al Owais Salem Mohammed Obaidalla Director Director
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CONTENTS Chairman’s Message Vice Chairman and Managing Director’s Message Group CEO’s Message 07 - 18 Innovative Products and Services Economic Overview Strategy 2020
Review of Performance • Financial Overview • Retail Banking and Wealth Management - Overview - Distribution - Digital Innovation 19 - 25 - Customer Service - Personal Banking - Priority Banking - Business Banking - Private Banking and Wealth Management
• Wholesale Banking - Corporate Banking - Financial Institutions Group 25 - 26 - Investment Banking - Transaction Banking Services - Al Watani Al Islami
• Global Markets and Treasury • Emirates Islamic • Emirates NBD Egypt • DenizBank 27 - 35 • International • Information Technology and Operations - Tanfeeth
• Group Human Resources • Group Risk Management 35 - 42 • Group Compliance
The Board and its Committees Management Financial Highlights Awards and Accolades 43 - 60 Emirates NBD Branches and Contacts Emirates NBD Overseas Branches and Representative Offices Emirates NBD Overseas Subsidiaries Other Subsidiaries and Associate Contacts
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CHAIRMAN'S
MESSAGE As we begin a new decade and enter the highly anticipated year of 2020, we at Emirates NBD are eager to continue supporting the UAE’s growth story and helping realise the ambitious dreams of this great nation and its wise leadership. We expect Dubai’s economy to gain further momentum in 2020, with GDP expected to grow 3%, up from an estimated 2% in 2019, as Expo 2020 Dubai contributes to increased economic activity in the Emirate.
2020 has been designated as the year of preparation for the next 50 years of the UAE’s journey, following the 50th anniversary of the federation in 2021. The nation has made an incredible amount of progress over the past five decades. The UAE’s leaders, in fact, are aiming for 2020 to be a year in which great strides will be made in the economic, social, and developmental arenas. As always, Emirates NBD is committed to supporting the UAE government in achieving its ambitious goals.
2020 will see the kick-off of the much-awaited Expo 2020 Dubai, and as Official Banking Partner, Emirates NBD is looking forward to showcasing our many innovations in smart technology and digital banking through our site-wide presence as “Bank of the Future” at the event.
In 2019, the Emirates NBD Group consistently made significant strides towards advancing its digital agenda under our AED 1 billion digital transformation programme. Our efforts to lead banking innovation and best practice ensured that the Bank continued to garner customer appreciation and international accolades in 2019 including ‘Bank of the Year – UAE 2019’ award by the Financial Times’ monthly publication, The Banker. We were also proud to rank among the top 20 in the Forbes’ third annual list of the World’s Best Regarded Companies, securing a leading spot among global brands.
In line with the Vision of the UAE leadership, we continue to make Emirates NBD a true pan-regional organisation. The Bank celebrated many important milestones in 2019, including welcoming DenizBank to the Emirates NBD family, thus extending our footprint in the MENAT region. We raised the foreign ownership limit from 5% to 20% and we also offered our valued shareholders an exceptional opportunity to participate in a Rights Issue of AED 6.45 billion, as we remain key partners to the growth agenda and vision of our nation’s esteemed leadership.
2019 also saw Emirates NBD maintain its leading position on the Corporate Social Responsibility front, details of which are in our Sustainability Report. We spearheaded several programmes and initiatives, aligned with the pillars outlined within the UAE’s Year of Tolerance. As part of our commitment to building public awareness on safe banking practices, we were proud to partner with Dubai Police on the UAE-wide #SecureYourAccount campaign, aimed at raising public awareness and education on Cybersecurity.
As we announce a record annual net profit of AED 14.5 billion for 2019, we maintain a positive outlook for H.H. SHEIKH AHMED BIN SAEED AL MAKTOUM growth and performance in the year ahead, confident of successfully leveraging opportunities and tackling challenges we encounter. Customer and community remain at the heart of Emirates NBD’s growth strategy, and CHAIRMAN we will continue to roll out strategic initiatives to deliver excellent products and services, while increasing EMIRATES NBD shareholder value.
In conclusion, I would like to thank Emirates NBD Group’s Board of Directors, members of the Executive Committee and employees for their continuous contribution and efforts towards our success in 2019. I also wish to extend gratitude to our customers and shareholders for their continued support and trust.
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VICE CHAIRMAN AND
MANAGING DIRECTOR'S Emirates NBD delivered a strong performance in 2019, achieving a 44% year-on-year increase in net profit to AED 14.5 billion. Our balance sheet remains strong with healthy liquidity and stable credit quality.
2019 was a milestone year for Emirates NBD, as we completed a number of important strategic initiatives, including the completion of DenizBank’s acquisition in line with our aspirations to become a regional banking MESSAGE champion. The acquisition helped Emirates NBD expand its footprint to 13 countries, establishing the Bank’s positon as a leading Banking Group in the MENAT region servicing over 14 million customers. Emirates NBD also announced plans for further expansion in the Kingdom of Saudi Arabia (KSA), following approval from the Saudi Arabian Monetary Authority to open 20 additional branches in the Kingdom. KSA remains a key market for Emirates NBD, particularly as the UAE continues to strengthen long-standing strategic and economic ties with the Kingdom. The Bank’s strategy continues to have strong support from shareholders, emphasized by the positive response received for the increase in our foreign ownership limit and considerable oversubscription received for our historic Rights Issue.
EmiratesNBD successfully divested its stake in Network International (a jointly controlled entity) through a successful completion of Network International’s IPO on the London Stock Exchange, which resulted in a gain of AED 4.4 billion in 2019
The Bank continued to make significant strides in advancing its digital agenda and leading innovation in the local and regional banking sector in 2019. It was recognised for its efforts with several prestigious industry awards, including being named ‘Most Innovative Financial Institution in the Middle East’ by Global Finance The Innovators 2019 Awards. Emirates NBD was also recognised as a digital banking leader at the Euromoney Awards for Excellence in 2019, winning ‘Best Digital Bank in the Middle East’ and ‘Best Bank in the United Arab Emirates.’
2019 marked an important year of Emirates NBD’s ongoing AED 1 billion digital transformation. This initiative focuses on significantly enhancing the Bank’s end-to-end IT capabilities across IT architecture, operations, governance and security, while enabling comprehensive data management and agile delivery. The numerous strategic initiatives being delivered through the digital transformation have enabled several regional and global firsts for Emirates NBD. In keeping with our mission to deliver banking innovation to customers, we were the first in the region to launch a chat banking solution for customers via the WhatsApp Business Solution. Emirates NBD also introduced a new Voice Banking solution, in collaboration with Amazon Web Services.
In closing, I would like to express my gratitude to our Chairman, His Highness Sheikh Ahmed bin Saeed Al Maktoum; the Board of Directors and the Senior Management Team, as well as the Emirates NBD staff for all their contributions and hard work as we conclude another successful year.
HESHAM ABDULLA AL QASSIM VICE CHAIRMAN AND MANAGING DIRECTOR EMIRATES NBD
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GROUP CEO'S
MESSAGE Emirates NBD ended 2019 on a strong note as net profit increased by 44% to AED 14.5 billion. The Bank’s balance sheet remains healthy and the acquisition of DenizBank helped grow total assets by 37% to AED 683 billion.
In line with our Board approved strategy to diversify Emirates NBD’s asset base and income sources outside of the UAE, DenizBank’s acquisition was a milestone achievement for the Group. It established Emirates NBD as a true pan-regional Bank and helped diversify our asset base and income profile to more than 25% from international operations. In addition, owing to the highly successful IPO of Network International and the subsequent disposals, Emirates NBD recorded a gain of AED 4.4 billion in 2019. This further strengthened our capital base to support future UAE and International business growth.
We remained at the forefront of retail banking innovation during the year, launching new products, services, and initiatives aligned with our vision of making banking intuitive, accessible, and digital-first. We were proud to announce the launch of Emirates NBD Voice Banking, powered by Amazon Web Services. Customers will be able to get banking updates, track spending and listen to daily market briefings on their Amazon Alexa devices. In support of the Dubai government’s push towards paperless services and transactions, the retail banking division rolled out a fully digital account opening process in 2019, enabling individual customers to open a new account instantly from their smartphones.
Customers remain at the heart of the Emirates NBD proposition, and the Bank continued to actively solicit feedback and suggestions from its valued client base as part of continued efforts to enhance service delivery and customer happiness. We were pleased to launch the Better Together platform in May, bringing to life an exciting initiative that enables us to co-create and beta test new solutions with a select group of Emirates NBD customers.
We also continued to support the growth and adoption of digital banking in the UAE over the course of 2019. Liv., Emirates NBD’s lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE, doubling its customer base over end 2018 to around 350,000 customers. We also announced the launch of E20., a digital business bank geared towards start-ups, entrepreneurs, and micro-SMEs across the country. As the UAE prepares to host Expo 2020 Dubai this year, E20. will support SMEs, the backbone of the UAE economy.
Emirates NBD’s Wholesale Banking division continued to deliver robust performance and solid growth, underpinned by stronger digital capabilities and the roll-out of new products, services, and partnerships. The transformation journey of our digital transaction banking channel, smartBUSINESS kicked off in 2019, while smartTRADE – our revamped online Trade Finance platform – was launched in April. Emirates NBD Transaction SHAYNE NELSON Banking Services also signed an MoU with Dubai Chamber to provide trade finance solutions for Digital Silk GROUP CEO Road – a Dubai 10X initiative. EMIRATES NBD Reflecting on the many milestones achieved in 2019, we look towards the coming year with renewed optimism and confidence. Emirates NBD will aim to continue to strengthen its market leadership position in the UAE and expand its international footprint.
In conclusion, I would like to thank the Chairman, His Highness Sheikh Ahmed bin Saeed Al Maktoum, Vice Chairman, Hesham Abdulla Al Qassim, the Board of Directors and the senior management team, as well as Emirates NBD’s talented and dedicated staff for their contributions to another successful year. We look forward to a promising year ahead, filled with exciting opportunities.
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INNOVATIVE PRODUCTS AND SERVICES
HIGHLIGHTS
Private Banking: INSPIRING WHAT’S NEXT - For ultra-high-net-worth individuals who have done it all, 'It wasn't me' - Emirates NBD in collaboration with the Government of Dubai and Dubai Police, ran a public Emirates NBD Private Banking nudged them to do more by introducing this new proposition. It became part service campaign led by a film aimed at raising public awareness and education on Cybersecurity. of the Bank's Private Banking ecosystem, through content, experiences and opportunities. Emirates NBD ranked UAE’s top banking brand with a value of USD 4.13 billion - Emirates NBD continues to be the UAE’s most valuable banking brand in the latest edition of The Banker’s annual brand valuation league table. The Bank also secured a spot among the top 100 global banking brands and was ranked second in the Middle East and Africa region.
Emirates NBD moved up eight spots from last year to rank 68th worldwide in the Brand Finance Banking 500, a prestigious ranking of the world’s 500 biggest banks, conducted by leading brand valuation consultancy Brand Finance and published in the February edition of The Banker. Priority Banking: LIVE YOUR SUCCESS - The Priority Banking communication encouraged audience to enjoy things that have always put a smile on their face. The segment's products and services help customers save time so they can spend it doing the things they love the most.
Liabilities Campaign - Campaign launched to encourage savings with Business Banking: EXPLORING OPPORTUNITIES - The campaign showed Emirates NBD's commitment towards Emirated NBD. Prizes included three Mercedes-Maybach S 650 and 30 empowering businesses by providing solutions that open a world of opportunities waiting to be explored. Omega Speedmaster watches.
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ECONOMIC STRATEGY OVERVIEW 2020
Geopolitics was again the dominant theme for global The USD has weakened against a basket of major 2019 was a momentous year for Emirates NBD, whilst putting our customers first, continuing to focus markets in 2019, whether it related to trade wars, currencies in the fourth quarter of 2019 and we expect marked with multiple historical firsts. The Group on delivering an excellent customer experience, Brexit, or developments in the Middle East. Global further weakness in 2020, which should help to successfully completed the acquisition of DenizBank, spearheading digital innovation and continuing to growth slowed and interest rates declined as central restore some price competitiveness in the UAE. The expanding its network from 9 to 13 countries, and meet compliance and regulatory standards. In 2020, banks around the world took steps to boost liquidity decline in interest rates in the second half of 2019, achieving meaningful diversification of its regional we will continue to focus on the following five building and support growth. Against this challenging and and the expectation that the Fed is unlikely to raise footprint and business operations. Emirates NBD also blocks: uncertain backdrop, growth forecasts across the GCC rates in 2020, should support both consumption and successfully completed its maiden strategic Rights 1. Deliver an excellent customer experience (with a were revised lower through the year. While the region investment in the UAE in 2020. In our view, there is Issue of AED 6.45 billion, which was oversubscribed digital focus) possibly avoided recession in 2019, growth was also room for increased fiscal stimulus in the UAE, in 2.8 times, evidencing strong investor demand and modest at best. order to boost non-oil sector growth and create jobs interest in our growth story. The Group also sat at the 2. Drive core business in the private sector. For these reasons, we expect helm of a historic and immensely successful London The UAE was probably one of the better growth stories 3. Run an efficient organisation non-oil sector growth in the UAE to accelerate to 2.5% Stock Exchange IPO listing of Network International; in the GCC in 2019, as oil production rose nearly 3%. in 2020 from an estimated 1.5% in 2019. selling down 45.3% (in the IPO and subsequent sell- 4. Drive international expansion This would have helped to offset relatively soft growth downs) of its 51% shareholding – to focus investments in the non-oil sectors of the economy. Overall, we However, OPEC’s decision to deepen oil production 5. Build a high performing organisation into its core businesses and digital plans. Emirates estimate that the UAE economy expanded 2.0% in cuts in the first quarter of 2020 means the UAE will NBD’s strategic divestment from Network International Emirates NBD furthered its digital agenda with the 2019, slightly better than the 1.7% GDP growth need to cut oil output by nearly 2% in the first three and subsequent sell-downs resulted in a gain of AED launch of innovative solutions across all channels and recorded in 2018. months of 2020. Even if we assume that the cuts are 4.4 billion in 2019. Alongside these milestones, the implementation of multi-entity applications. Both not extended through the rest of 2020, and oil output Survey data showed that while external demand Group continued to deliver sustained balance sheet Retail and Corporate customer journeys were recovers, the oil sector will probably weigh on overall helped to drive activity growth in the non-oil sectors in growth across its business segments, deepened its enhanced with continued focus on driving excellent GDP growth. As a result, we expect real GDP growth of the first half of 2019, domestic demand remained presence in key markets and continued to make a customer experience. In 2020, we seek to continue 1.6% in the UAE in 2020. constrained. There was little in the way of private mark through its digital innovations and technology delivering top-of-the-line customer experience by sector job growth or wage growth, and businesses transformation. As we enter into the next decade, building new generation platforms, reshaping service continued to discount prices as they competed for Emirates NBD is strongly positioned to capitalise on and sales distribution models, building capabilities to work, leading to further margin compression. key opportunities across our augmented network, deliver personalised and contextual experiences at Increased supply across several sectors contributed to downward pressure on prices, including in real estate and hospitality. However, the number of international visitors to Dubai grew nearly 5% in 2019, after almost no growth in 2018. With Expo 2020 Dubai likely to be a further draw for tourists, we are cautiously optimistic about the outlook for 2020.
Emirates NBD holds its 12th General Assembly Meeting
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STRATEGY 2020
scale and scaling new revenue models, notably Liv. the third chapter of our AED 1 billion three-year digital continue to meet evolving international regulations, in We remain committed to building a high performing and our newly launched digital business bank E20.. transformation programme that saw successful roll- keeping with our commitment to maintain high organisation by ensuring that performance models Ongoing enhancement of Corporate customer outs of multiple business platforms including Core operating standards. are aligned to the customer-oriented digital and agile journeys will be a key focus area, as we continue on Banking for International locations, International agenda of the Bank. Under our new Learning and On the international front, we achieved a milestone in our digital transformation agenda. payments, Treasury and Trade. In 2020, our focus Development (L&D) strategy, in 2019, 45% of our L&D 2019, by successfully concluding the DenizBank would be to complete our IT transformation content was digitised, 44% of staff engaged in career Keeping a firm focus on our core business, we acquisition. As next steps, we aim to implement the programme by rolling out the remaining initiatives development programmes and 100% of National staff selectively grew our market share in key Retail requisite governance framework and focus on and completing the core consolidation, while attended one or more trainings. We also successfully segments, launched a new digital trade finance integration priorities for DenizBank. continuing to scale up new ways of working by met our Nationalisation Targets, as we remain platform and witnessed an increased adoption of leveraging efficiency gains via lean processes, agile In KSA, we received approval to open 20 more committed to investing in and building careers of UAE digital channels among our Corporate customers and delivery, infrastructure automation and innovation. branches, which would help us accelerate our growth Nationals. We will continue to maintain momentum continued to drive profitable growth through our ambitions. In 2020, we would aim to drive more on employee engagement initiatives, development Islamic franchise. This year, we aim to continue driving At an organisation-level, we constantly strive to business across our international locations by of future skills, managerial and leadership our core business streams by selectively growing improve efficiency drivers by managing operating expediting expansion plans in KSA and India, capabilities for professional development, and market share in key products, defending our market costs and controlling cost of risk. Better cross- continuing our strategic growth momentum in Egypt delivery of purpose built National Development leadership in select sub-segments, deepening functional collaboration and extraction of synergies as and further developing competitive niches through programmes. customer relationships through cross-sell and we strive to operate as ‘One Group’ will be a key our presence in London and Singapore. With the recurring fee income growth. growth lever, while we continue to monitor support Delivering on these strategic priorities will help take acquisition of DenizBank, we are now in a unique and governance structures to maximise collaboration our business to the next phase of sustainable growth We remain committed to running an efficient position to utilise our expanded network capabilities across the Group. From a Group Risk and Compliance underpinned by our core building blocks organisation through a number of planned initiatives, to tap into trade flows and business activity across the standpoint, we are committed to maintaining high i.e. delivering customer-centric experiences, focused on optimal capital allocation, efficient cost MENAT region and our countries of presence. We standards of risk governance and risk culture, with a spearheading digital innovation in banking, continuous management, streamlining the organisational setup continue to assess new growth avenues by evaluating view to keep our risk appetite and portfolio pursuit of efficiency, and driving solid growth of our and eliminating overlaps. The Rights Issue will help us select markets and potential targets for organic and management framework aligned to the Bank’s overall core business whilst pursuing value-adding further strengthen our capital position and provide a inorganic growth. We would also evaluate strategic corporate and capital allocation strategy. We would international growth and maintaining high standards stronger growth platform. We also recently completed partnerships and investments (especially in digital of performance and accountability. platforms) in select markets.
Emirates NBD completes the sale and purchase of 99.85% of the shares H.H. Sheikh Ahmed Bin Saeed Al Maktoum recognises 25-year service in DenizBank milestone of Emirates NBD staff
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REVIEW OF PERFORMANCE
Financial Overview margins from the Turkish acquisition. Excluding profit grew 4% year-on-year, supported by asset Retail Banking and Wealth DenizBank, net-interest income increased 6% driven growth, higher fee income and the inclusion of Management 2019 was a strong year for Emirates NBD achieving a by 7% loan growth. DenizBank. record net profit of AED 14.5 billion and total assets in Overview excess of AED 683 billion. We are also delighted to Total non-interest income increased 38% year-on- Loans and deposits increased by 33% and 36% Retail Banking and Wealth Management (RBWM) welcome DenizBank into the Emirates NBD family, year, or 13% excluding DenizBank, on higher core fee respectively since the beginning of the year. The delivered a strong performance in 2019, supported by increasing the Bank’s presence to 13 countries, and investment securities income. Core fee income advances to deposits ratio remains comfortably within growth in net interest income from liabilities. Fee servicing over 14 million customers in the MENAT increased by 32% year-on-year due to higher foreign management’s target range at 92.6% and the liquidity income grew during the year driven by Cards, Loans region. exchange and credit card related income. coverage ratio is healthy at 160%. During 2019, the and FX and represented 33% of total revenue. The Bank raised AED 13.3 billion of senior term funding In 2019 the Bank raised its Foreign Ownership Limit to Costs for 2019 amounted to AED 7,207 million, an Liabilities book increased moderately during 2019, through private placements in nine currencies with 20% and signalled its intention to further increase the increase of 28% over the previous year due to a rise in supported by enhanced customer promotions and maturities out to 20 years. limit to 40% in due course. This supports the vision staff and operating costs relating to international new product launches. Customer advances rose and goals of the country’s leadership to make the UAE expansion and the amortisation of intangibles. The As at 31 December 2019, the Bank’s common equity modestly led by strong acquisitions of personal loans the region’s most attractive economy for foreign direct cost to income ratio at 32.1% is within guidance and Tier 1 ratio is 15.3%, Tier 1 ratio is 17.4% and capital and credit cards. investment. The underlying performance, coupled the Bank remains firmly focused on cost control. adequacy ratio is 18.5%, following the successful The Cards franchise was strengthened with the launch with strategic initiatives, helped Emirates NBD completion of the rights issue. During 2019 the impaired loan ratio settled at 5.6% as of the Emirates NBD LuLu 247 Mastercard Credit Card generate significant shareholder value. a result of the acquisition of DenizBank’s loans at fair that offers customers reward points on their day-to- Moreover, the success of the Rights Issue underlines value. Impairment allowances of AED 4,818 million day spends at LuLu stores, fuel and utilities and the the confidence of local and international investors in for 2019 are 176% higher than 2018 with net cost Emirates NBD Marriot Bonvoy credit card was the Bank’s business model and promising outlook. of risk increasing to 117 bps due to the inclusion of relaunched with a set of refreshed benefits and The Bank’s balance sheet remains strong with healthy DenizBank, higher charges and lower writebacks and liquidity and stable credit quality. recoveries.
Total income for 2019 amounted to AED 22,419 The Bank’s strong net profit of AED 14,504 million in million, an increase of 29% compared to AED 17,402 2019 is 44% higher than in 2018. The results include a million in 2018. gain of AED 4,389 million on the partial disposal of Network International shares and a fair value Net-interest income improved 26% year-on-year measurement of the remaining stake. Core operating supported by loan growth and an improvement in
Emirates NBD rings DFM’s bell to celebrate the successful issuance and listing of its new shares issued via Rights Issue
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REVIEW OF PERFORMANCE
rewards. The Retail Loans product suite was enhanced starting with mobile insurance. International transfers The Bank received approvals from The Saudi Arabian Smart Pass was extended to all customers providing a with the introduction of the Scholar Plus Loan enabling were launched as well as contactless payment options Monetary Authority (SAMA) to open 20 additional secure and convenient way to authorise digital customers to fund their wards' higher studies or for were made available through Apple and Google Pay. branches in the Kingdom. banking transactions using a soft token generated on executive education. Promotional campaigns and the Bank’s Mobile Banking App without the need for The Bank announced the launch of E20., a digital Digital Innovation programmes in partnership with car dealers were SMS based authentication. The Bank collaborated business bank for entrepreneurs and SMEs to open a conducted to ramp up Auto Loan sales. The Emirates Customer digital adoption continued to grow well with with Dubai Police to launch the #secureyouraccount bank account and carry out daily banking easily NBD Plus Saver account was rolled out, offering 69% of all individual customers being digitally active campaign aimed at raising public awareness and through a mobile app. customers attractive interest rates on their online and 93% of all transactions being done on digital education on cybersecurity including the release of a savings account balances earnings while the Early Distribution channels. The division continued to advance its shareable video that received extensive viewership. Saver account was introduced to help customers build digitisation agenda with the roll out of a fully digital The Bank continued to evolve and optimise its UAE Customer Service savings for their children. account opening process, enabling individual branch footprint with the closure of six branches and customers to open a new account instantly from their Customer service continued to be a top priority for the Liv., the lifestyle digital bank for millennials, continued opening of three new digitally enabled branches at smartphones. The Mobile App was strengthened with business in 2019 with extension of smart diagnostics- to be the fastest growing retail proposition in the UAE, strategic locations such as Downtown Dubai in the addition of new features like card controls. Push based customer query resolution to more services, doubling its customer base over end 2018 to around addition to the re-opening of the Jumeirah Al Wasl notifications were introduced enabling customers to introduction of social media live chat sessions and 350,000 customers. Olivia, Liv.’s conversational AI flagship branch that has been transformed to cater to sign up for card instalment plans using SMS messaging. design thinking based customer journey based chatbot, was launched to help customers get all customer segments. Disability-friendly access was Digital marketing efforts were boosted with over 80% enhancements. Proactive customer reach-outs were account information and insights on their spending extended to 45% of the network with extension of sign of customers served personalised offers on the carried out to a third of the customer base to support through chat messages. The Liv. Sure platform was language training for all frontline staff. website. with issue resolution. Over 3,500 staff were trained at introduced to offer customers protection plans the Customer Service Academy. The launch of Emirates NBD Voice Banking was announced that will enable customers to obtain The Better Together platform was rolled out to bring account and card updates on their Amazon Alexa together a panel of customers to support with co- devices. Dynamic currency conversion was enabled at creating and beta testing new solutions as well as to all Emirates NBD ATMs for UAE visitors when making carry out mystery shopping across the Bank’s cash withdrawals using Visa cards. offerings. October 2019 was designated as Customer
Emirates NBD rings market-opening bell to celebrate listing of a Emirates NBD unveils E20. UAE's first digital business bank USD 1 Billion bond on Nasdaq Dubai
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REVIEW OF PERFORMANCE
Experience Month across the Group with over 10,000 The bancassurance product range was revamped to The Emirates NBD Expo 2020 Dubai Account was Private Banking and Wealth Management staff across units and locations taking part. Customer offer increased value and protection to customers launched providing SME customers with a competitive Private Banking revenue grew during 2019 on metrics continued to remain healthy with Net and retail wealth advisory services were extended to proposition that includes preferential pricing and increased client acquisitions supported by superior Promoter Scores (NPS) tracking at an average of 45 more clients along with an increase of mutual fund privileges on transactions, trade finance FX and loans. service delivery. The unit launched its new brand across client segments. sales. The Skywards Gold promotion was launched to The Bank’s smartTRADE portal was extended to the proposition Inspiring What’s Next and investor events promote liabilities growth. A Virtual Reality Academy unit’s customers providing clients with an easy way to Personal Banking were held to provide clients with an outlook on was introduced to provide staff with a more intuitive submit all LC, guarantee and trade loan requests markets. The wealth platform was enhanced with the Personal Banking had a strong year with revenue and learning experience. Customer service was digitally. Customer franchise continued to grow with introduction of new funds and structured products growth led by an improvement in Liabilities balances. reinforced through a series of initiatives such as NPS scores remaining healthy. Acquisitions of emerging affluent Personal Banking extension of proactive services, monthly Relationship Beyond customers grew strongly during 2019 Manager scoring on customer satisfaction and increasing considerably its customer base. Several extensive customer service training of front-line staff customer experience related initiatives were rolled while the division’s Moments of Wow programme out to improve customer engagement and loyalty, continued to delight customers. resulting in high cross-sell ratios and customer Business Banking satisfaction scores for the segment. Embracing the one bank strategy supported by the corporate client Business Banking continued to grow revenues base, the employee payroll business continued to prudently in a challenging market environment led by grow well with the number of salary transfer accounts liabilities interest income. FX revenues grew increasing during 2019. moderately in a declining market supported by dedicated FX specialists and targeted campaigns to Priority Banking meet customer needs. Trade income progressed well Priority Banking had a strong year with higher from client activation programmes as well as revenues driven by higher net interest income. The innovative product propositions. The customer customer value proposition was relaunched with a proposition was relaunched with the theme of positioning of ‘Live Your Success’ aimed at providing Exploring Opportunities, providing curated customers with seamless banking services to enhance partnerships and networking to support business their lifestyle. growth.
Emirates NBD marks UAE Flag Day
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REVIEW OF PERFORMANCE
and portfolio performance remained strong across all Wholesale Banking Financial Institutions Group Transaction Banking Services investor profiles. The second session of The LaunchPad Corporate Banking The Financial Institutions Group (FIG) manages Transaction Banking Services (TBS) witnessed a strong was held connecting the region’s leading start-ups relationships across Banks, Non-Bank Financial year in 2019 backed by strategic new initiatives and with angel investors and venture capitalists. Corporate Banking (CB) continued its growth Institutions (NBFIs) and Public Sector entities, offering the launch of new products. The transformation momentum mainly driven by growth in lending activity Investment performance at Emirates NBD Asset the full range of products including Lending, journey of our digital transaction banking channel, and increase in fee income due to continued Management remained strong with the Emirates Transactional Banking, Treasury and Capital Markets smartBUSINESS was kicked off. In addition, improvement in cross sell offerings for Investment Global Sukuk Fund crossing USD 300 million and solutions. FIG’s principal focus is to connect key trade smartTRADE, our revamped online Trade Finance Banking, Transaction Banking and Treasury; however, receiving a five-star rating from Morningstar. Assets and investment corridors within its core presence platform was launched in April 2019 and was margin compression continued to be a challenge. The under management grew moderately while the Group locations and provide innovative hedging and extremely well received by our clients. TBS signed a overall credit quality of the loan book remained stable was adjudged the Asset Manager of the Year at the financing solutions to its client base. In 2019, the FIG MoU with Dubai Chamber of Commerce and Industry due to selective underwriting. However, recoveries Global Investor MENA awards. Emirates NBD Securities business gained further momentum on the back of to provide trade finance solutions for Digital Silk Road were lower. International performance continued to grew revenues moderately in a slow market. increased trade flows, focus on liabilities, capital – a Dubai 10X initiative. Product suite enhancements improve in 2019 across businesses especially India markets and scaling up the business in Turkey. included launch of Abu Dhabi Escrow Accounts, and KSA, driven by an enhanced focus to capture the Common Area Escrow Accounts, Real-Time Credit on trade and investment flows between these key core Investment Banking SCDMs along with other product developments in markets and the UAE. Emirates NBD Capital, the Investment Banking arm of UAE and KSA. TBS registered growth in both overall the Group, delivered strong earnings in 2019 on the and online volume of payments and collections, as back of solid core business performance across all compared to 2018. three verticals of Loan Syndications, Debt Capital Al Watani Al Islami Markets and Corporate Finance. Emirates NBD Capital continues to be one of the top ranked players in the Corporate & Institutional Banking’s Islamic window, Al region’s league tables covering GCC, Turkey, Asia and Watani Al Islami (AWAI) continued to support all areas Africa, having successfully arranged some of the of the business in UAE and KSA in 2019. The unit region’s largest and landmark loan transactions, debt worked on multiple initiatives towards digitisation and equity capital market issuances and M&A deals. including the launch of Islamic products on smartTRADE (the Bank’s digital trade platform). Moreover, Al Watani Al Islami continued to enhance its product offering in KSA.
Emirates NBD signs MoU with UAE MOHRE to provide exclusive benefits to Absher cardholders
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REVIEW OF PERFORMANCE
Global Markets and Treasury Emirates Islamic EI has always strived to put its customers at the centre year, EI launched various new programmes such of everything it does. The Bank redefined critical as Kuwwati – a female leadership empowerment Global Markets and Treasury (GM&T) delivered a Emirates Islamic (EI) delivered a strong set of results in customer journeys and launched new customer programme and developed a strong “UAE National robust performance in 2019, reinforcing its strong 2019, the highest ever since the Bank’s inception in engagement models for Priority Banking and in Value Proposition” to attract, retain and develop position from the preceding years. 2004. This increase is on the back of higher financing branches to deliver better customer experience. With Emirati talent. activity and improvement in margin, coupled with The Trading desk delivered an outstanding an aim to provide its customers with a digital-first higher core fee income primarily from foreign Fitch re-affirmed Emirates Islamic’s Long-Term Issuer performance driven by increased credit trading banking experience, EI became the first Islamic bank exchange. EI continued to maintain healthy liquidity Default Rating (LT IDR) of ‘A+’ with a Stable Outlook, activity from higher new issuance volumes in the in the world to launch WhatsApp Banking. Other and focused on improving operating efficiency, Short-Term IDR (ST IDR) of ‘F1’, and a Viability Rating region. The Foreign Exchange and Rates desks also initiatives included optimising branch and ATM demonstrating a 2% improvement in operating costs (VR) at ‘bb-’ for the fifth consecutive year. made strong contributions by taking advantage of network; launching an enhanced Trade Portal; rolling compared to the preceding year, positively impacting volatility in their respective markets. out a retail asset digitisation solution; opening a profitability. Emirates NBD Egypt branch equipped with an Interactive Teller Machine The Asset Liability Management (ALM) business EI continued to play a leading role in the growth of the (ITM); and enhancing its award-winning Mobile App. Emirates NBD Egypt continued to deliver strong delivered a solid performance under a challenging Islamic banking sector in the UAE, through its focus on financial results. interest rate environment. The Global Funding Desk EI has always played a key role in the development of banking and technology innovations. This was successfully raised AED 13.3 billion of senior term UAE society, and in keeping with the ‘Year of Tolerance’ In addition to maintaining its asset growth, Corporate reinforced when EI was recognised by Islamic Finance funding through private placements with maturities initiative, the Bank continued to support charitable Banking achieved a number of key milestones, News earlier in the year as the “Most Innovative up to 20 years and also successfully raised a USD 1 and humanitarian activities through the Emirates including launching new cash management products, Islamic Bank” in the UAE. During the year, EI established billion Perpetual Tier 1 issue. Islamic Charity Fund. In 2019, the Bank contributed extending loans to support educational and a global equity desk, launched new products, such as AED 73 million to a range of charitable initiatives in infrastructure projects, lending to two new sectors; As part of the Bank’s IT standardisation drive, GM&T Islamic Covered Drawing and also executed its first FX areas such as health, food, education and shelter. microfinance institutions and factoring companies, consolidated Egypt Treasury under the Group Options Structured Transaction. EI also enhanced its and introducing a new digitised Corporate Payment Treasury Systems to enable scalability as well as Wealth Management and Emirati Propositions and EI continued to support UAE’s Emiratisation agenda by Service (CPS) enabling corporations to make online optimisation of processes and support cost. became the first Islamic bank to tie up with Emirates exceeding its nationalisation targets and investing in payments to government services. Development Bank for the Credit Guarantee Scheme. the development of UAE National staff. During the
Emirates NBD and LuLu Group launch the Emirates NBD LuLu 247 Emirates NBD celebrates 48th UAE National Day Mastercard Credit Card
27 28 ANNUAL REPORT 2019
REVIEW OF PERFORMANCE
Egypt’s Retail Banking also continued to grow its As part of its strategy to continue its success and DenizBank has made substantial investments in In 2019, the Bank entered the international capital assets and optimise its network with a special achieve ahead-of-the-curve results, Emirates NBD technology, research & development and innovation markets for the first time in several years, concluding emphasis on digitisation. Key achievements included Egypt will continue to focus on digitisation, customer and has received global recognition for banking a syndicated loan facility by raising a record-high level launching the Middle East’s first World Switch Card in experience and cost consciousness in the next year. innovation based on its ‘phygital’ strategy that subscription of USD 750 million in one and two-year partnership with MasterCard, and launching a encompasses physical and digital interaction with maturities with the participation of 45 banks from 22 deposits campaign for the second consecutive year, DenizBank customers. countries. aiming at encouraging customers to increase their Emirates NBD completed the acquisition of DenizBank Continuing its digital-first strategy, in 2019, DenizBank DenizBank is an important pillar in Emirates NBD’s deposits with Emirates NBD Egypt for opportunities to in July 2019. DenizBank is a full scale commercial bank, signed new partnerships with a number of brands international network, diversifying its assets and win luxury cars and the grand prize of 5 million having a wide presence through a network of more and merchants for fastPay, Turkey’s first digital wallet. income outside the UAE. Egyptian pounds in cash. The partnership with than 3000 ATMs / SDMs and operating with 708 Mercedes Benz to finance their buyers was another branches in Turkey and 44 in other territories (Austria, milestone reflecting not only on loan growth but also Germany, Russia and Bahrain) servicing around 13 as an important branding activity for Emirates NBD million customers through over 14,000 employees. Egypt within the affluent segment. DenizBank contributed a total income of AED 3,643 Emirates NBD Egypt’s Corporate Social Responsibility million and a net profit of AED 609 million to Emirates programmes targeted a set of impactful initiatives; NBD Group for the five months since acquisition, and “Kheir wa Baraka” supporting families living on less had total assets of AED 134 billion, net loans of AED 86 than USD 0.7 a day; “Injaz” aiming to empower young billion and deposits of AED 98 billion at the end of entrepreneurs in the MENA region; “Education for 2019. Employment” which helped 600 students across the country graduate; and “Dream Makers” which is The Bank continued to support key sectors of the dedicated to helping children with disabilities fulfil Turkish economy including health, shipping, tourism, their dreams. Additionally, Emirates NBD Egypt energy, education, infrastructure and agriculture. continued its collaboration with “Misr El Kheir” in two DenizBank maintains a leading position with 44% campaigns; “Ramadan” and “Winter” providing food market share amongst private banks in the agriculture and shelter to the underprivileged. It also partnered sector. Further, the Bank continued to support the with “Baheya” to raise awareness of breast cancer. SME sector in 2019 through the Credit Guarantee Moreover, Emirates NBD Egypt launched its “Talent Fund’s (CGF) ‘Ekonomi Değer Project’, which follows its Excellence Academy” graduating highly qualified support as the only private bank to participate the professionals for future careers at its retail branches. previous Nefes Project.
DenizBank Headquarters, Istanbul, Turkey
29 30 ANNUAL REPORT 2019
REVIEW OF PERFORMANCE
International Our young operations in India, at two years old, have tensions, we are encouraged by the opportunities we management and agile delivery. Its end-objective is to delivered a 43% growth in balance sheet and strong see for trade growth, in particular in capturing trade create a global digital innovation advantage for 2019 has been an exciting and busy year for our profits. India branch is key to fulfilling our international flows between Asia and Emirates NBD network Emirates NBD as it continues its international growth International branches. We are pleased to advise that aspirations for greater organic growth by acting as a locations. trajectory. the International portfolio exceeded its revenue bridge between our network to capture trade flows targets despite headwinds and macro-economic Our China Representative Office continued to The numerous strategic initiatives being delivered that most of our markets have with India. The branch challenges. contribute referrals to the Singapore Branch and the through the digital transformation have enabled has established capabilities to offer a comprehensive Head Office. The growing China nexus with UAE will several regional and global firsts for Emirates NBD, In Saudi Arabia, it was a challenging year for the entire suite of products across Corporate Banking products, bring more opportunities from this office, despite including: financial sector. Despite this the business segments of Trade/GTS and Treasury (including Cash Management, slow easing of trade tensions. In Indonesia, an election Retail Banking, Wholesale Banking, Private Banking, smartBUSINESS, Merchant FX, Factoring, among • Embarking on one of the most complex Finacle year and unfavorable macro situation has slowed the Treasury and Business Banking all performed others). upgrade and consolidation project to drive economic growth of the country. Despite this, the exceptionally well. This was achieved partly through seamless, rapid banking innovation across the The London Branch posted another record-breaking Indonesian Representative Office continues to refer the increased number of branches which were opened Bank’s seven international entities and year, achieving strong revenue, profit and balance business opportunities to the Emirates NBD network. throughout 2018, allowing us to penetrate the wider subsidiaries. With three countries, Singapore, sheet growth. Both Wholesale and Private Banking market segments in both the Eastern and Western United Kingdom and the Kingdom of Saudi Arabia continued to demonstrate commitment to the UK Information Technology and Provinces, to supplement the already established now using the new Finacle platform, the Bank’s market, delivering solid returns, despite the Operations (Group IT) Central area. We also expanded the product suite four subsidiaries will be migrated by end-2020 uncertainties around Brexit. Also of note during 2019, endeavoring to offer current and potential customers, For Emirates NBD’s Group IT, 2019 marked the third the London Branch successfully upgraded its core • Launching a comprehensive Enterprise Data the widest possible options when it comes to their chapter of the Bank’s ongoing AED 1 billion digital banking system, as part of the Group's enterprise Platform in Q1-2019 that includes becoming the financial requirements. Emirates NBD KSA also transformation. This initiative focuses on significantly wide IT transformation project. first bank globally to use SAP’s Financial Services strengthened its contribution to the international enhancing the Bank’s end-to-end IT capabilities across Data Model to more effectively and consistently Singapore Branch has been continuing on the digital network through its support to India and Egypt offices IT architecture, operations, governance and harvest critical organisational data to enhance transformation journey with the pilot implementation to better meet our customer’s financial requirements security, while enabling comprehensive data strategic decision making across the region. With an approval to open 20 more of the new enterprise wide Payment Hub before it was branches in KSA and the highly anticipated launch of rolled out to the rest of the group, upgrading of local Liv. in KSA, we are poised to move on to the next IT infrastructure and preparing for a key trade phase of growth, while aiming to keep digital system rollout, positioning the branch for scalable innovation at the heart of our growth plans. growth. Despite the headwinds arising from trade
Emirates NBD joins hands with Dubai Police to launch Emirates NBD partners with Etihad Credit Insurance to empower UAE #SecureYourAccount campaign businesses in increasing their global footprint
31 32 ANNUAL REPORT 2019
REVIEW OF PERFORMANCE
• Introducing a streamlined, API-centric architecture Tanfeeth In 2019, Tanfeeth established separate service centres • Introducing a revised internal job posting policy including over 500 APIs; all built in-house to unlock for Retail and Wholesale Banking respectively and In 2019, Tanfeeth continued to deliver service • Launching HIPO (High Potential) programme to the benefits of API-first design including increased have partnered closely with Emirates Islamic to excellence and cost-effective solutions to Emirates focus on high-performing employees speed of application development enhance their service levels. Fighting financial crime NBD Group and its end consumers, exceeding a and safeguarding customer data against fraud is an • Partnering closely with Emirates NBD LetsLink • Strengthening the Bank’s global payments majority of its financial and non-financial key important aspect of customer experience in terms Women’s Club to focus on the empowerment of capabilities by replacing its multiple payment performance indicators (KPIs), improving total and the implementation of Tanfeeth’s 24x7 fraud female staff platforms with a centralised, multi-currency and operating expenses and delivering superior customer prevention team has made outstanding difference in multi-entity Enterprise Payments Hub, enabling satisfaction. • Prioritising employee wellness by conducting the managing risk proactively. the Bank to provide its customers with innovative first ever Tanfeeth Wellness Challenge Tanfeeth continued its successful cultural payment solutions to manage transactions from People are Tanfeeth’s greatest resource, and it transformation journey in 2019, by introducing new Tanfeeth has also invested in Emiratisation by any source, in any format, to any destination continued to invest in its staff through high impact behaviours to support its values which were continuing to invest in specific programmes such as initiatives in 2019 including: • Introducing Agile at scale and being the first bank introduced in 2018. Tanfeeth also launched a new PAL (Programme for Accelerated Learning) and in the region to do this successfully, with more ‘Values Assessment’ tool across the entire organisation • Hiring staff with disabilities to reach a total of 33 Al Misha'al where it welcomed 32 new UAE Nationals. than 30 Agile squads now operational across to demonstrate the importance of its new culture and Group Information Technology. A plan is in place showcase how its values and behaviours are closely to start progressively expanding Agile across the linked to staff performance. Bank’s key departments over 2020 Throughout 2019, Tanfeeth continued to focus on Other IT transformation achievements include introducing multiple projects aimed at providing introducing upgraded ERP and online trade finance customers with an improved experience while platforms, launching multiple workplace digitisation delivering process and cost efficiencies to the Group. tools as well as a comprehensive Windows 10 upgrade These projects were in line with Tanfeeth’s 2019 vision for all Emirates NBD staff, in addition to multiple and included: Foundation building and introduction of information security initiatives to drive robust data the Workforce Management (WFM) system; IPA protection. (Intelligent Process Automation) Programme through targeted initiatives; bold transformations with omni- channel optimisation; and delivering Phase 2 and convergence of the Replica Programme.*
Emirates NBD wins ‘Best Digital Bank in the Middle East’ by Euromoney Awards for Excellence 2019
33 34 ANNUAL REPORT 2019
REVIEW OF PERFORMANCE
Tanfeeth has also organised engagement activities 29% in 2018. Special attention was paid to competency managing professional certification programmes Group’s leadership to set stretch targets and targeted at high performing UAE National staff to help based programmes geared towards the career specially in Finance, IT Transformation, Wealth continually track not only the hiring of Emiratis, but them interact and be mentored by the Bank’s senior development of all staff. Group-wide, nearly 50% of all Management and other business units. The L&D also our ongoing investments in capability building leadership team. learners and 70% of UAE national learners received function also managed the Group-wide Core and career progression. More than 200 UAE nationals competency based personal development training. Consolidation project working with Group Operations were welcomed in 2019, while around 11% of *Replica programme is aimed at identifying the main and delivering training in international locations and managerial and leadership roles have been identified gaps between Emirates NBD & Emirates Islamic processes National development remained a priority. More than UAE. for Emiratis. In addition, 35% of Emiratis in senior (including controls & people elements) and to bridge this 53% of UAE nationals attended programmes specific leadership roles are currently women, a testament to gap. By introducing cross-entity best practices we aim to to UAE nationals and 100% of UAE nationals received For the first time, Egypt and KSA have been Emirates NBD’s support for the inclusion of Emirati deliver consistent experiences and further enhance our training in career development and/or functional incorporated into Group L&D’s offering, giving both women to leadership positions. value to the customer. areas in 2019. Emirates NBD’s entry level programmes countries access to the Group’s digital training content for Graduate Trainees and High School Leavers were in addition to conventional programmes. Looking ahead, HR’s scope for 2020 is to further completely revised and a new Simulation Branch improve employee engagement and productivity Group Human Resources Aligned with the Group’s ongoing focus on customer created to ensure trainees get real-life experience in levels across all employee segments. A majority of initiatives undertaken by Group Human experience, Group HR launched a number of initiatives branch operations and customer service prior to their Resources (HR) in 2019 focused on supporting the targeted at improving ‘employee experience’. The placement in retail branches. Group Risk Management Group’s business and digital strategies. Building from employee as a new hire, learner, performer and talent last year, the Learning & Development (L&D) function The L&D function also worked with Wholesale and was placed at the centre of this strategy, with related Emirates NBD Group Risk Management has been delivered on Group HR’s strategy to develop all staff Retail Banking business divisions to create best in HR processes being redesigned to create a positive proactive and instrumental in identifying key existing with special focus paid to UAE Nationals. Overall, the class Credit and Relationship Management employee experience. and emerging risks and risk drivers, measuring and programmes for Corporate and Business Banking, reach for non-regulatory learning was 91% of total The Central Bank of the UAE's newly introduced points managing such risks against the backdrop of changing part of the structured development path for their Emirates NBD Group staff as compared to 73% for system for measuring Emiratisation enabled the macroeconomic conditions, and assessing and 2018. The overall Digital Mix was 45% in 2019 up from staff. L&D continued to support the business by influencing the Group’s forward-looking strategy.
Emirates NBD divested its stake in Network International through a successful Emirates NBD recognized at Gulf Customer Experience Awards completion of Network International’s IPO on the London Stock Exchange
35 36 ANNUAL REPORT 2019
REVIEW OF PERFORMANCE
Risk Governance Credit Risk - Corporate Banking The Group follows the Central Bank of the UAE’s losses in retail assets are within risk appetite. Financial criteria for asset classification and IFRS 9 reporting performance of retail assets was robust. Going The Board Risk Committee, Board Audit Committee Emirates NBD Group Credit reviews and updates the requirements, ensuring delinquency classification forward, the Group will continue to consolidate its and Board Credit and Investment Committee are the Group’s credit policies and processes on an ongoing and full compliance to provisioning requirements. retail banking portfolios and is investing in various main board level committees that oversee Group’s basis to ensure alignment with the Group’s business technologies to enhance operational efficiencies in its risk management. In line with best practice, the Group strategy and Group Risk Appetite Statement. The Financial Restructuring and Remedial team credit underwriting streams. continues to employ an enterprise-wide approach to continued its recovery efforts from delinquent Timely review of underwriting standards, risk management. customers to ensure efficient collections and to Internal Rating Systems Development strengthening of new client selection criteria, sector reduce the flow of new Non-Performing Loans (NPLs) The Enterprise and Regulatory Risk unit provides an strategies, and tightening of sanction terms and The Group continued to enhance the use of internal to minimise the impact of NPLs on the Group’s overarching view of emerging risks and facilitates co- conditions, including security requirements, helped rating models during the year. Data-driven risk performance. ordination between key risk functions, in order to maintain the quality of asset booking. Periodic stress assessment and decision models were used minimise risks and achieve business objectives tests and reviews of the portfolio were undertaken to Credit Risk - Retail Banking extensively across wholesale and all stages of retail cohesively and effectively. identify and proactively manage credit risks through a customer credit lifecycle, namely acquisition, portfolio Group Retail Credit proactively monitored portfolios robust and well-established early alert process. management, collections and recoveries. Internal risk and implemented strategies considering the external quantification models and scorecards are monitored environment, focusing growth on selected segments. at regular frequencies. Portfolio management measures on existing customers of the Group continued including regular The Group continued to enhance its IFRS 9 models credit line reviews. The Group’s risk strategy aims to during the year, with regular runs executed throughout support portfolio growth within acceptable risk 2019. The models cover all Emirates NBD Group appetite thresholds. This year, the Group continued entities and geographies for the computation of to make progress in building balance sheet growth in Expected Credit Loss (ECL) in line with IFRS 9 retail assets. The Group has taken important initiatives requirements and specific local regulations. These in the recovery of non-performing advances, and models are monitored regularly to ascertain their impairments across products were stable. Credit relevance to the current economic cycle.
Liv. by Emirates NBD engages customers to donate to charity through Emirates NBD boosts Dubai Department of Finance’s digitisation strategy its gamified Wheel feature in the app
37 38 ANNUAL REPORT 2019
REVIEW OF PERFORMANCE
Group Risk Model and Analytics is a major contributor operationalising the market risk management Operational Risk Business Continuity Management in the Group ICAAP and stress testing exercises as framework to support business conduct while Group Operational Risk continues to work closely with The Group has a robust business continuity prescribed and mandated by the Central Bank of UAE. ensuring adequate risk control and oversight. the Group’s business lines and subsidiaries to raise management framework in place that allows quick The Group started leveraging its IFRS 9 models to Capital and Portfolio Analytics awareness of operational risk. Key risks across reaction to any disruptive event to ensure continuity further enhance the ICAAP and stress testing exercises business units are identified and discussed at the of operations. Business continuity plans are reviewed in 2019. The Group Capital and Portfolio Analytics team GRC. A process is in place for the collection and and tested at least annually across the Group, actively tracks developments from the Basel Market Risk reporting of operational risk data. The practice of ensuring seamless service to the Group’s customers Committee, Central Bank of the UAE and other conducting a risk review, as part of the ‘New Product and partners during any potential operational Market risk is the risk of loss of income or market regulators to implement relevant requirements for a and Process Approval’ (NPPA), prior to the launch of disruptions. The Group has established a new and value of assets due to fluctuations in factors such as more resilient banking platform. any new or amended product and running the modern work area recovery site to provide all required interest rates, foreign exchange rates, equities, Group Model Validation is a specialist unit that Operational Risk assessment workshops (ORCA), form facilities to business and operational units in the event commodity prices, or changes in volatility or performs the independent validation of risk models a cornerstone of the Group’s operational risk of regular office units being inaccessible. Group correlations of market risk factors. The Group is Group-wide. The unit is responsible for the management activity This embeds a risk culture Operational Risk regularly conducts awareness exposed to market risks from its trading, client implementation of a robust model governance across the organisation. Key Risk Indicators (KRI) are programmes for all Emirates NBD employees. servicing and balance sheet management activities. framework to manage the material portion of model used to monitor the level of operational risks and The Group’s market risk management strategy and risk in the Group and its ongoing use. It also leads the issues in the Group. market risk limits are established within the Risk technical validation of the risk models and covers Appetite Statement and business strategies (taking independent validation of the models to the Board. into account macroeconomic and market conditions). Market risk limits are subject to regular review. The Group Internal Capital Adequacy Assessment Process (ICAAP) and Stress Test unit is a specialized The Group Asset Liability Committee (Group ALCO) unit responsible for leading the exercise to assess and Group Risk Committee (GRC) are the Senior Capital Adequacy under stress scenarios and submit Management Committees that support the Group in reports to the Central Bank of the UAE. This unit also managing market risk. The Group ALCO and GRC conducts stress testing or ICAAP activities for overseas establish the market risk management policy and branches and the relevant authorities in these methodology framework governing prudent market jurisdictions. For subsidiaries, the unit provides the risk-taking backed by measurement and monitoring technical leadership and oversight function and systems and internal controls. Group ALCO and GRC ensures that submissions meet the Group standards. are supported by the Market and Treasury Credit Risk unit. The unit is an independent risk management and control unit within Group Risk responsible for
Emirates NBD wins ‘Best Investment Bank in the UAE’ by Euromoney Awards for Excellence 2019
39 40 ANNUAL REPORT 2019
REVIEW OF PERFORMANCE
Group Compliance processes. Some of the key initiatives undertaken by (CDD). Sanctions and FATCA/CRS modules were • The co-hosting of a workshop for members of the Group Compliance during the year include: also translated into Arabic. UAE Banks Federation (UBF) on the Wolfsburg Compliance risk is the risk of legal and/or regulatory Group Correspondent Banking Due Diligence sanctions, fines and losses associated with damage to • The completion of the Bank’s submission and • The implementation of policy updates to the Questionnaire (CBDDQ) to enhance the Bank’s reputation as a result of its failure to comply interview as part of the Financial Action Task Force Group AML, Personal Account Dealing, Breaches implementation across the UAE and the Middle with applicable laws, regulations, policies or good Mutual Evaluation Review (FATF MER) of the UAE and Conflicts of Interest policies. East. The CBDDQ was developed to set an practices. Group Compliance is responsible for after almost three years of preparation, including • Together with the CBUAE, the successful hosting enhanced and reasonable standard of due assisting the Bank’s senior management in designing, training sessions and internal/external/regulatory of the first Supervisory College for Emirates NBD. diligence for cross-border and/or other higher risk implementing, delivering and supporting a framework reviews across the Group of the Bank’s Anti Money Regulators from UAE (CBUAE, Securities and Correspondent Banking due diligence. The to ensure appropriate measures are in place to Laundering (AML) and Sanctions control Commodities Authority and Dubai Financial workshop was supported by the Middle East North mitigate these risks in all of the jurisdictions the Bank framework. In line with the its leading profile Services Authority), Austria, Egypt, KSA and Turkey Africa Financial Crime Compliance Group (MENA operates in. within the country, Emirates NBD was the first attended the event. FCCG), the UBF and the Wolfsburg Group. bank to be interviewed by the FATF MER team. Emirates NBD is regulated by the CBUAE and is required to comply with the laws and regulations of • Continued progress on the Group Compliance the UAE as well as those of all other jurisdictions that Systems Roadmap, with a focus on the rollout and the Bank operates in. During the year this was update of strategic compliance screening and expanded to cover four additional jurisdictions arising monitoring systems in Emirates Islamic, Egypt and from the acquisition of DenizBank. Additionally, KSA. This is significant during a period of Emirates NBD aligns its policies and procedures with substantial IT transformation within the Group, the international industry practices followed by our which often required Compliance involvement in correspondent banks. The Bank maintains a good projects such as the rollout of the standardised working relationship with regulators and core banking platform, improvements to payments correspondent banks and continues to proactively and business internet banking systems, and the visit its major correspondent banks, both at their implementation of the CBUAE’s Suspicious Activity premises as well as at industry forums to discuss Reporting portal. progress on key compliance-related initiatives. All • Continued improvements to the Bank’s Mandatory relevant regulatory and compliance matters are Training programme with updates to online regularly reported and discussed at the Group and training for AML, Sanctions, US Foreign Account Board committee meetings. Tax Compliance Act (FATCA)/Common Reporting In 2019, the Bank continued to enhance its compliance Standard (CRS) and new modules covering framework and infrastructure including policies, Politically Exposed Persons (PEPs), Trade Based procedures, training, systems, controls and assurance Money Laundering, and Customer Due Diligence
EMIRATES NBD ANNOUNCES WINNERS OF MEGA PROMOTIONAL CAMPAIGN
41 42 ANNUAL REPORT 2019
THE BOARD AND ITS COMMITTEES
The Board Board Committees
The Board of Directors for Emirates NBD Bank P.J.S.C. meets at a minimum of six times per year and is comprised There are five Board Committees that assemble regularly to govern Emirates NBD Bank's activities on behalf of of nine prominent members of the local business community, all of whom are leaders in their respective its stakeholders: industries. Hamad Khalaf Al Hosani, in his capacity as the Group Company Secretary, supports the Board by Board Executive Committee ensuring that regulatory obligations and corporate governance requirements are met. He manages the operations of the company’s formal decision making, ensuring that all appropriate procedures are followed. Hesham Abdulla Al Qassim Chairman As provided in Emirates NBD P.J.S.C.’s Articles of Association, the Board of Directors is responsible for the overall Shoaib Mir Hashem Khoory Member direction, supervision and control of Emirates NBD Bank P.J.S.C. The Board’s mandate covers the formal agenda Mohamed Hamad Obaid Al Shehi Member for the overall strategy and oversight of the corporate structure, financial reporting, internal controls, risk Mohamed Hadi Ahmed Al Hussaini Member management policies, as well as approval of the Annual Report and corporate dividends. The members of the Ali Humaid Ali Al Owais Member Board comprise a suitable balance of nonexecutive and independent Directors. Emirates NBD Bank P.J.S.C. defines as ‘independent’ the term of having no perceived or real conflicts of interest with any shareholder group The Board Executive Committee acts on behalf of the Board on urgent matters arising between regular Board or business partner. meetings when it is not possible to convene a Board meeting. The Committee exercises the powers of the Board in the supervision and oversight of Emirates NBD Group affairs. Emirates NBD’s Board of Directors includes: Board Audit Committee H.H. Sheikh Ahmed Bin Saeed Al Maktoum Chairman Hesham Abdulla Al Qassim Vice Chairman Hussain Hassan Mirza Al Sayegh Chairman Hussain Hassan Mirza Al Sayegh Director Shoaib Mir Hashem Khoory Member Buti Obaid Buti Al Mulla Director Mohamed Hamad Obaid Al Shehi Member Shoaib Mir Hashem Khoory Director Mohamed Hadi Ahmed Al Hussaini Member Mohamed Hamad Obaid Al Shehi Director Salem Mohammed Obaidalla Member Mohamed Hadi Ahmed Al Hussaini Director Ali Humaid Ali Al Owais Director The Board Audit Committee assembles quarterly and is responsible for ensuring quality control in Emirates NBD Salem Mohammed Obaidalla Director Group’s financial reporting and compliance processes. The Board Audit Committee oversees and monitors all the H.E. Khalid Jumaa Al Majid Director - Resigned internal controls and systems in place for financial reporting, and ensures legal and regulatory compliance on on 20-02-2019 financial matters. The Committee is responsible for framing policies on internal audit, overseeing financial Governance reporting process, providing oversight and interacting with the Group’s external and internal auditors.
The Board strongly promotes good corporate governance and integrity in order to achieve superior performance, while maintaining conformity with laws and regulations. The Board uses innovative tools in its governance and compliance systems to be in line with best corporate practices.
43 44 ANNUAL REPORT 2019
THE BOARD AND ITS COMMITTEES
Board Credit and Investment Committee Board Nomination and Remuneration Committee
Hesham Abdulla Al Qassim Chairman Buti Obaid Buti Al Mulla Chairman Shoaib Mir Hashem Khoory Member Mohamed Hadi Ahmad Al Hussaini Member Mohamed Hadi Ahmed Al Hussaini Member Ali Humaid Ali Al Owais Member Ali Humaid Ali Al Owais Member Mohamed Hamad Obaid Al Shehi Member Salem Mohammed Obaidalla Member The Board Nomination and Remuneration Committee reviews and guides Management on strategic Human The Board Credit and Investment Committee assembles as required in order to review and approve the Group’s Resources (HR) decisions related to executive succession planning, nationalisation strategy, top management credit exposures and investment portfolios. This highly specialised Committee supports the Board Executive appointments and remuneration policies. The Committee assembles on a quarterly basis and ensures that the Committee and the Board Risk Committee in actively managing credit and investment risk. It oversees the Group’s HR policies are practiced in a professional and ethical manner. execution of the Group’s credit risk management and reviews the credit profile of material portfolios to ensure that credit risk rating is aligned with business strategy and risk appetite. Management Executive Committee Team
Board Risk Committee The Management Executive Committee (EXCO) manages the Group’s activities in a manner consistent with the business strategy, risk appetite, remuneration and other policies set by the Board. The EXCO updates the Board Hesham Abdulla Al Qassim Chairman periodically with all material matters including changes in business strategy and risk appetite, the Group’s Hussain Hassan Mirza Al Sayegh Member performance and financial condition, breaches of risk limits or compliance rules, internal control failures, and Buti Obaid Buti Al Mulla Member legal or regulatory concerns. The EXCO assembles twice a month. Ali Humaid Ali Al Owais Member Salem Mohammed Obaidalla Member
The Board Risk Committee shapes the overall philosophy and approves all risk management frameworks. The Committee also supervises the establishment and operations of risk management systems and receives regular reviews on their effectiveness. In addition, it is responsible for Emirates NBD Group’s corporate and risk governance framework, which includes reviewing, approving and monitoring various Group Risk Management Procedures, Group Risk appetite and the Overall Risk Profile. The Committee also supervises Basel II and III related activities. It assembles on a quarterly basis.
45 46 ANNUAL REPORT 2019
MANAGEMENT
Ahmed Al Qassim Manoj Chawla Husam Al Sayed Senior Executive Vice President Group Chief Risk Officer Group Chief Human and Group Head, Resource Officer Corporate & Institutional Banking
Shayne Nelson Abdulla Qassem Surya Subramanian Group CEO Group Chief Operating Officer Group Chief Financial Officer
Suvo Sarkar Kevin Flannery Patrick Sullivan Senior Executive Vice President Senior Executive Vice President Group Chief Financial Officer and Group Head, and Group Head, International (Joined in January 2020) Retail Banking & Wealth Management
Salah Amin Aazar Khwaja Jonathan Morris CEO - Emirates Islamic Senior Executive Vice President, Senior Executive Vice President, Global Markets and Treasury Member of The Board of Directors - Denizbank, Turkey
Neeraj Makin Eman Abdulrazzaq Hakan Ateş Senior Executive Vice President Group Chief Human CEO – DenizBank, Turkey and Group Head, Resource Officer International & Group Strategy (Joined in January 2020)
47 48 ANNUAL REPORT 2019
FINANCIAL GROWTH IN HIGHLIGHTS RECENT YEARS
Revenues and Costs (AED Bn) Profits (AED Bn)
Revenues Costs Pre-Provision Operating Profits Net Profits
+9% +10% +23% +9% 22.4 7.2 15.2 14.5
17.4 5.6 11.8 15.5 4.9 10.5 10.6 10.0 14.4 15.2 14.7 +29% 4.7 4.8 +28% 10.1 9.9 +29% 4.4 8.3 +44% 7.1 7.2
5.1
2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019
Assets and Loans (AED Bn) Deposits and Equity (AED Bn)
Assets Loans Deposits Equity
+13% +12% +13% +12% 683 437 472 82
500 328 348 64 470 304 327 59 448 290 +33% 311 54 407 +37% 271 287 +36% 51 +28% 363 246 258 47
2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019
All P&L numbers are Year-To-Date, all Balance Sheet numbers are at end of period. Source: Financial Statements
49 50 ANNUAL REPORT 2019
FINANCIAL GROWTH IN HIGHLIGHTS RECENT YEARS
Sources of Operating Income (AED Bn) Capitalisation (AED Bn) 21.1 20.7 21.2 21.2 20.9 20.6 19.6 18.5
19.8 18.7 18.9 17.4 +12% 22.4 18.0 18.0 15.3 16.6 13.8 15.6 15.3 17.4 79.4 15.2 14.7 15.5 14.4 4.8 11.9 16.2 57.8 58.8 9.2 10.2 50.9 54.4 3.2 10.2 10.8 12.9 45.1 44.7 46.4 6.3 9.5 10.1 6.7 6.5 8.9 8.9 8.2 6.7 6.9 14.9 9.9 65.4 46.7 44.2 47.9 42.6 6.2 34.8 39.7 3.3 3.7 4.9 5.0 4.6 4.7 4.5 30.2
2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 NII NFI T 2 T 1 T1 % CAR % CET1 %
Return on Tangible Equity ( ) Balance Sheet Analysis
Assets (AED 3 bn) Liabilities and Equity (AED 3 bn)
Goodwill Other 1% Other Banks 5% 5% 6% 24.2% Investments 8% Debt 8% 20.3% 19.7% 18.7% 18.0% 15.7% Cash & Equity Bank 12% 22% Loans Deposits 10.5% 64% 69%
2013 2014 2015 2016 2017 2018 2019
Return on Tangible Equity represents profit attributable to Equity Shareholders excluding T1 Interest, as a percentage of weighted average Shareholders Equity excluding Goodwill and Intangibles and T1 Notes.
51 52 ANNUAL REPORT 2019
AWARDS AND ACCOLADES
> Best Bank and Best Regional Bank Awards won ‘Best Digital Bank in the Middle East’ by The > Marketing, Social Media and Customer > Emirates Islamic – Emirates NBD Asian Banker's International Excellence in Retail Engagement Awards – Emirates NBD • Emirates Islamic named ‘Most Innovative Islamic Financial Services 2019 Awards • Emirates NBD has been ranked among the top 20 • Emirates NBD was named the UAE’s most valuable Bank’ by Islamic Finance News in the Forbes’ third annual list of the World’s Best • Emirates NBD won ‘World’s Best Foreign Exchange banking brand, with a value of USD 4.13 billion, in • Emirates Islamic won ‘Best Islamic Bank, UAE’ at Regarded Companies Providers 2020’ and ‘Best Private Bank in the UAE The Banker’s annual brand valuation league table the World Finance Awards 2019 for 2019’ by Global Finance • Emirates NBD won ‘Best Digital Bank in the Middle • Emirates NBD won ‘Innovation in Customer • Emirates Islamic won ‘Most Innovative Islamic East’, ‘Best Bank in the UAE’ and ‘Best Investment • Emirates NBD won ‘Most Innovative Financial Experience’ and ‘Best Application of Advanced Retail Bank in the UAE’ and ‘Excellence in Digital Bank in the UAE’ by Euromoney Awards for Institution in the Middle East’ by Global Finance Technology in a Product or Service’ for its Banking’ at the 5th Islamic Retail Banking Awards Excellence 2019 The Innovators 2019 Awards ‘Blockchain Center of Excellence for Payments’ by 2019 2019 BAI Global innovation Awards • Emirates NBD won ‘Bank of the Year – UAE 2019’ • Emirates NBD won IMPACT2030 Innovation Award by The Banker 2019 for its Corporate volunteering efforts
• Emirates NBD won ‘Best Retail Bank in the Middle East’ and ‘Best Retail Bank in the UAE’ and U By Emaar Visa Credit Card was recognized as 'Credit Card Product of the Year and Liv. by Emirates NBD
Emirates NBD launches initiative to display and sell art by Emirates NBD wins ‘Best Bank in the UAE’ People of Determination by Euromoney Awards for Excellence 2019
53 54 ANNUAL REPORT 2019
EMIRATES NBD BRANCHES AND CONTACTS
Emirates NBD Global Markets and Al Maktoum Motor City Al Qiyadah Jebel Ali Free Zone Group Head Office, Baniyas Road, Treasury Al Muraqqabat Nad Al Sheba Al Qusais Jumeirah P.O. Box 777, Deira, Dubai Al Qiyadah Oud Metha Al Souk Al Souk UNITED ARAB EMIRATES Research Al Qouz Ras Al Khor Bank Street Muraqqabat Tel: Deira Head Office Al Qusais Rashidiya Burj Al Arab Media City General: +971 4 225 6256 Al Satwa Sheikh Zayed Road Business Bay Group Corporate Affairs: Sales Al Souk Springs Souk Deira Northern Emirates +971 4 609 4112 Deira Head Office Al Twar The Greens Deira City Centre Sharjah Main Branch Fax: Arabian Centre Umm Suqueim Dubai Festival City Group Corporate Affairs: Trading Bank Street Union Square Emirates Airline HQ Private Banking Centres +971 4 223 0031 Deira Head Office Burj Al Arab Wafi Mall Galleria SWIFT Code: EBILAEAD Burj Khalifa World Trade Centre Group Head Office Abu Dhabi Reuters Dealing Code: EBIU Global Funding and Principal Business Bay Ibn Battuta Mall Al Neem Tower Website: www.emiratesnbd.com Investments Convention Centre Fujairah Jebel Ali Deira Head Office Deira Fujairah Main Branch Jumeirah Dubai Wholesale Banking Units Deira City Centre Jumeirah Beach Road Burj Al Arab Assets and Liabilities Dragon Mart Ras Al Khaimah Jumeirah Beach Walk Group Head Office Wholesale Banking Management Dubai Airline Centre Ras Al Khaimah Main Branch Mankhool Jumeirah Management Deira Head Office Dubai Airport T3 Ras Al Khaimah Corniche Mizhar Mall Deira Head Office Dubai Courts Oud Metha London Retail Banking Branches Dubai Design District Sharjah Sheikh Zayed Road London Branch Corporate Banking Group Dubai Festival City Sharjah Main Branch Umm Suqueim Dubai Mall Al Nasseriya Deira Head Office Abu Dhabi Saudi Arabia Dubai Marina Mall Al Taawun Fujairah Burj Al Arab Abu Dhabi Main Branch Riyadh Branch Dubai Media City Sharjah City Centre Fujairah Main Branch Sharjah Al Muhairy Centre City Tower Bldg, Riyadh Dubai Police Academy Sharjah Industrial Area Abu Dhabi Al Muroor Khobar Branch Dubai Silicon Oasis Matajer Al Quoz Ras Al Khaimah Al Wahda Jeddah Branch Emirates Airline HQ Samnan Branch Ras Al Khaimah Main Branch Financial Institutions Group Bawabat Al Sharq Mall Emirates Mall Branch Sharjah Airport Ras Al Khaimah Corniche Deira Head Office Dalma Mall Mumbai, India Emirates Towers Sahara Centre Deerfield Mall India Branch Galleria Sharjah International Banking Electra Street Green Community Umm Al Quwain Sharjah Main Branch Deira Head Office Musaffah Singapore Group Head Office Umm Al Quwain Main Branch Tourist Club Singapore Branch Transactional Banking Services Hamriya Business Banking Centre Hatta Deira Head Office Al Ain Priority Banking Locations Locations Ibn Battuta Mall Al Ain Main Branch Jafza 1 Investment Banking Al Ain Mall Abu Dhabi Abu Dhabi DIFC (Emirates NBD Capital) Jebel Ali Abu Dhabi Main Branch Abu Dhabi Main Branch Jumeirah Beach Road Ajman Al Muhairy Centre Jumeirah Beach Walk Al Watani Al Islami Ajman Main Branch Dubai Jumeirah Deira Head Office Ajman City Centre Branch Al Ain Al Maktoum Road Jumeirah Lake Towers Al Ain Main Branch Al Barsha Mall of the Emirates Dubai Al Qouz Mamzar Al Awir Ajman Al Satwa Mankhool Al Barsha Ajman Main Branch Business Bay Mirdif City Centre Al Faheedi DMCC/JLT Mirdif Park Centre Al Karama Dubai Emirates Towers Mizher Mall Al Barsha Group Head Office Al Maktoum Deira Al Muraqqabat
55 56 ANNUAL REPORT 2019
EMIRATES NBD EMIRATES NBD OVERSEAS BRANCHES AND OVERSEAS SUBSIDIARIES REPRESENTATIVE OFFICES
CHINA Emirates NBD - Khobar Branch Emirates NBD S.A.E. (Egypt) JSC “DenizBank Moscow” (Russia) Emirates NBD China Representative Office Karawan Towers, King Faisal Road, Al Bustan Head Office, Plot 85, El-Tesseen Street, Fifth Bld.13, constr.42, 2nd Zvenigorodskaya str. C 519 Beijing Lufthansa Center, 50 Liangmaqiao P.O.Box 3581, Al Khobar, 34422, KSA Settlement, P.O. Box 392, New Cairo, Egypt 123022, Moscow, Russia Road, Chaoyang District, Beijing, China, 100125 Tel: +966 13 8192733 Tel: +202 2726 5000/5100 Tel: +7 495 7251020 Tel: +86 10 6465 0056 Fax: +966 13 8192772 Fax: +202 2726 5993 Fax: +7 495 7251025 Fax: +86 10 6465 4066 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Amal Yousef Owaidah - Branch Manager, KSA Mohamed Berro - Chief Executive Officer, Egypt Website: https://www.denizbank.ru Jia Su – Chief Representative, China Osman Oguz Yalcin – President & CEO INDIA Emirates NBD Capital KSA L.L.C. INDONESIA Emirates NBD - India Branch, Ground & First Floor, 5 King Fahad Road, Al Mohammadiah DenizBank AG (Austria) Emirates NBD Indonesia Representative Office North Avenue, Maker Maxity, Bandra Kurla Complex P.O. Box 341777, Riyadh 11333, KSA Head Office, 1030 Wien, Thomas-Klestil-Platz 1 Wisma GKBI, 37th floor, Suite # 3701 Bandra (E), Mumbai 400 051, India Tel: +966 11 299 3900 Tel: +0800 88 66 00 Jl. Jenderal Sudirman No. 28, Jakarta 10210, Indonesia Tel: +91 22 61532300 Fax: +966 11 299 3955 Fax: +43-(0)-505 105-3819 Tel: + 62 21 5790 5399 Fax: +91 22 62380910 Website: www.emiratesnbdcapital.com.sa E-mail: [email protected] Fax: + 62 21 5790 5400 E-mail: [email protected] E-mail: [email protected] Website: www.denizbank.at E-mail: [email protected] Sharad Agarwal – Chief Executive Officer, India Bambang A. Udaya – Chief Representative, Indonesia Khalid Ali Alruwaigh - Chief Executive Officer Ahmet Mesut Ersoy – Chairman of the Management SINGAPORE Board & CEO TURKEY Emirates NBD – Singapore Branch, 10 Collyer Quay Emirates NBD Trust Company (Jersey) Limited Emirates NBD Turkey Representative Office #25-01/05, Ocean Financial Centre, Singapore 049315 C/O Fairway Trust Limited, 2nd Floor, The Le Gallais Windowist Tower, E. Buyukdere Cad. No: 26 F:6 Tel: +65 6438 7868 Building, 54 Bath Street, St Helier, JE1 1FW Office No. 612 Maslak-Sariyer, Istanbul 34467, Turkey Fax: +65 6438 7870 Channel Islands Tel: +90 212 2147090 E-mail: [email protected] Tel: + 44 1534 511700 E-mail: [email protected] Vanessa Leung – Chief Executive Officer, Singapore Fax: + 44 1534 511701 Noori Mojdehi – Chief Representative, Turkey & Head Asia Pacific E-mail: [email protected] Alistair Rothwell – Director KINGDOM OF SAUDI ARABIA UNITED KINGDOM Emirates NBD - Riyadh Branch Emirates NBD - London Branch, Emirates NBD DenizBank A.Ş. (Turkey) City Tower Bldg., King Fahad Road, House, 25 Knightsbridge, London, SW1X 7LY Head Office, Büyükdere Caddesi 141, Esentepe, Al Mohammadiah District United Kingdom Istanbul, Turkey P.O. Box 8166, Riyadh 11482, KSA Tel +44 020 7838 2277 Tel: +9 0212 348 0000 Tel: +966 11 282 5555 Fax: +44 020 7581 0575 Website: www.denizbank.com Fax: +966 11 282 5500 E-mail: [email protected] Hakan Ateş – President & CEO E-mail: [email protected] Raashed Amin – Chief Executive Officer, Naser Yousef – Chief Executive Officer, KSA United Kingdom
Emirates NBD - Riyadh Branch - Al Masif DenizBank A.S. - Bahrain Branch 3117 Building, Northern Ring Road – Al Masif District Al Jasrah Tower 6th Floor No: 62-63 P.O. Box 10357 P.O. Box 8166, Riyadh 11482, KSA Diplomatic Area, Manama, Bahrain Tel: +966 11 413 7640 Tel: +973 17541137 Fax: +966 11 413 7658 Fax: +973 17541139 E-mail: [email protected] E-mail: [email protected] Naif Abdullah AlabdulKarim - Branch Manager, KSA Orhan Büklü – Branch Head
Emirates NBD - Jeddah Branch Zahran Business Center, As Salamah, Building No. 7051, Prince Sultan Road, As Salamah, Jeddah 23525, KSA Tel: +966 +966 12 610 6464 Fax: +966 +966 12 610 6444 E-mail: [email protected] Rai M. Reda - Branch Manager, KSA
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OTHER SUBSIDIARIES AND ASSOCIATE CONTACTS
Emirates Islamic Bank P.J.S.C. Al Ain Business Village Emirates NBD Securities L.L.C. Emirates NBD Asset Management Limited Head Office - Dubai Health Care Al Ain Palm Jumeirah Emirates NBD Building, Level 2 Al Wasl Road, Dubai International Financial Centre, The Gate, East City, The Executive Office, Building Al Mutaradh Jumeirah, P.O. Box 9409, Dubai Wing, Level 8, P.O. Box 506578, Dubai #16, 3rd Floor, P.O. Box 6564, Boutik Mall Fujairah UNITED ARAB EMIRATES UNITED ARAB EMIRATES Dubai, UNITED ARAB EMIRATES Fujairah Main Branch Tel: +971 4 331 9111 Tel: +971 4 370 0022 Tel: Ajman Customer Care Centre: Fax: +971 4 370 0034 General: +971 4 316 0330 Ajman Ras Al Khaimah Inside UAE +600 52 3434 E-mail: [email protected] Corporate: +971 4 383 4518 Ras Al Khaimah Main Branch Outside UAE +971 600 5 3434 Website: www.emiratesnbd.com/assetmanagement Fax: Corporate: +971 4 368 3178 Dubai Al Nadeya Facsimile: +971 4 385 6240 Operations: +971 4 358 2659 Al Diyafa E-mail: [email protected] Tanfeeth Telex: 46074 MEBNK EM Al Garhoud Sharjah Website: www.emiratesnbdsecurities.com Building Q, Meydan, Nad Al Sheba 1 E-mail: [email protected] Al Mamzar Juriena Mall Branch P.O. Box 777, Dubai, UNITED ARAB EMIRATES Website: www.emiratesislamic.ae Al Mizhar Halwaan Emirates NBD Capital PSC CEO’s Office: +971 4 384 3515 Al Qouz Khorfakkan (formerly Emirates Financial, Services PSC) E-mail: [email protected] Dubai Bank Al Riqqa Qasimiyah 1st floor, Emirates NBD PJSC, Head Office Building Website: www.tanfeeth.ae Head Office - World Trade Centre, Al Twar Sharjah Court Baniyas Street, Deira, P.O. Box 2336, Dubai Exhibition Hall #1 Bur Dubai Sharjah Main Branch UNITED ARAB EMIRATES P.O. Box 65555, Dubai Convention Centre Nasseriya City Centre Tel: +971 4 201 2940 UNITED ARAB EMIRATES Dubai Festival City Sahara Centre Fax: +971 4 325 4332 Tel: +971 4 372 6484 Dubai Mall E-mail: [email protected] Fax: +971 4 386 9889 Jebel Ali Umm Al Quwain Telex: 46074 MEBNK EM Land Department Umm Al Quwain Main Branch Emirates NBD Capital Limited Media City Fully owned subsidiary of Emirates NBD Capital PSC Branches in the UAE Nad Al Hamar Corporate Banking Centres in - Dubai International Financial Centre Oud Metha the UAE The Gate, West Wing, Level 12 Abu Dhabi Sheikh Zayed Road Dubai – Head Office P.O. Box 506710, Dubai, UNITED ARAB EMIRATES Abu Dhabi Main Branch Sheikh Zayed Road 2 Abu Dhabi Tel: +971 4 303 2800 Abu Dhabi Airport road Umm Suqeim Al Ain Fax: +971 4 325 4332 Abu Dhabi Mall Al Tawar Centre Jebel Ali Free Zone E-mail: [email protected] Al Khalidiya Baniyas Sharjah Khalifa City Dubai Healthcare City Al Wahda Tower Al Barsha Mall National General Insurance Al Muroor Road Jumeirah Lake Towers Company P.J.S.C. Musaffah Mirdif City Centre P.O. Box 154, Dubai Bawabat El Sharq Mall Dubai Souq UNITED ARAB EMIRATES Silicon Oasis Dir: +971 4 250 2693 Al Nakheel Tel: +971 4 211 5827/8 Ibn Battuta Mall Board: +971 4 211 5800 Fax: +971 4 250 2854 E-mail: [email protected] Website: www.ngi.ae
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